The Minister for Finance Michael Noonan has said that he is not concerned about US plans to reform their tax code.

Minister Noonan was speaking in Washington DC where he is attending the annual Spring Series of meetings at the International Monetary Fund.

The US Treasury Secretary Steve Mnuchin said yesterday that he would be publishing a blueprint for tax reform "very soon".

US President Donald Trump is expected to sign executive orders later today calling for a review of the US tax code.

He has pledged to reduce US personal tax rates, lower the US corporate tax rate and make a move against multinationals who keep profits abroad to reduce their US tax bill and to take advantage of more favourable tax regimes, such as that available in Ireland.

Having listened to Mr Mnuchin yesterday, Minister Noonan said he was "convinced" that the US was going to "have an arrangement for the repatriation of profits or for some kind of arrangement whereby a charge is made on the profits whether repatriated or not".

But he said he did not hear anything that would be "of great concern to Ireland".

At 39.1%, Mr Noonan said the US corporate tax rate was one of the highest in the world so it had "plenty of room to come down without interfering" with Ireland.

He said he had got "good information" during his visit to the US and various meetings on what the US is planning to do, but added that "you always have a reservation until you see the actual detail in the printed document".

Mr Noonan was due to meet the US Commerce Secretary Wilbur Ross today to discuss concerns the US has about Ireland's trade relationship.

However, the meeting did not take place due to "scheduling problems".

Ireland is included on a list of 16 countries currently under review for possible trade abuses by the Trump administration because of their trade surpluses with the United States.

Ireland comes fifth on a list of countries with large trade surpluses. China tops the list with a $347bn surplus, Ireland's was valued at $36bn.

The study being carried out by the Commerce Secretary includes a focus on countries that dump products in the US below cost, utilise unfair subsidies, have "misaligned" currencies and "non-reciprocal" trade practices by other countries.

Earlier, Mr Noonan said he did not think the trade surplus would "particularly" be an issue, but that Ireland also appeared on a list of countries "whose currency is out of line", adding that "of course we don't have a separate currency, it's the euro".

He added that in the "general scheme of things", he thought "they don't have very much concerns about Ireland, we're just attached to some list".

Mr Ross was the private sector investor who bailed out the Bank of Ireland at the height of the financial crisis.

The review which was announced at the end of March is due to last 90 days, and Mr Ross has said it will be "measured and systematic".

Ireland's trade surplus with the US is down largely to the manufacturing in Ireland of pharmaceutical and medical devices which are then exported back to the US.

This is one trade flow that the Trump administration has pledged to clamp down on, as part of US President Donald Trump's promise to "bring back the jobs" to America.

The value of Ireland's trade surplus with the US has also benefited from changes in the euro-dollar currency exchange rates.

When Ireland's internationally traded services are taken into the account, the trade surplus is almost balanced out, but that is not the focus of this review.